Industrials

• Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
• The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
• The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

• Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
• BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
• According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.

• Strong fundamentals priced in: Sinfonia’s sharp share price rally reflects robust FY3/25 results, but modest FY3/26 guidance limits near-term upside potential.
• Conservative outlook despite tailwinds: Management’s cautious projections for semiconductor and defense segments appear understated given ongoing structural growth in both industries.
• Valuation fair at current levels: Updated DCF suggests shares are reasonably valued; premium to peers justified by dual exposure to secular growth in aerospace and semiconductors.

• TEKKEN CORPORATION (hereafter, “the Company”) is a construction firm centered on railroad construction, with operations spanning civil engineering, architectural construction, and real estate.
• As an equity-method affiliate of JR East, which holds a 19.6% stake, the Company secures stable, long-term orders for key projects such as the improvement work of major stations and the new Haneda Airport access line.
• Railroad construction accounts for approximately 40% of consolidated net sales. 

• CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
• Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
• We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.

• The company is calling for an extraordinary shareholders meeting to be held on June 27 to approve the delisting of GMXT’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores).
• No further details were provided and we are expecting to have more information after the shareholders meeting in order to have a sense of a potential delisting offering.
• Our current rating on GMXT is Market Perform with a 12M PT of P$36.0 / share.

• Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
• The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
• The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

• Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
• BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
• According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.

• Strong fundamentals priced in: Sinfonia’s sharp share price rally reflects robust FY3/25 results, but modest FY3/26 guidance limits near-term upside potential.
• Conservative outlook despite tailwinds: Management’s cautious projections for semiconductor and defense segments appear understated given ongoing structural growth in both industries.
• Valuation fair at current levels: Updated DCF suggests shares are reasonably valued; premium to peers justified by dual exposure to secular growth in aerospace and semiconductors.

• TEKKEN CORPORATION (hereafter, “the Company”) is a construction firm centered on railroad construction, with operations spanning civil engineering, architectural construction, and real estate.
• As an equity-method affiliate of JR East, which holds a 19.6% stake, the Company secures stable, long-term orders for key projects such as the improvement work of major stations and the new Haneda Airport access line.
• Railroad construction accounts for approximately 40% of consolidated net sales. 

• CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
• Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
• We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.

• The company is calling for an extraordinary shareholders meeting to be held on June 27 to approve the delisting of GMXT’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores).
• No further details were provided and we are expecting to have more information after the shareholders meeting in order to have a sense of a potential delisting offering.
• Our current rating on GMXT is Market Perform with a 12M PT of P$36.0 / share.

• In early February, articles suggesting the PE owner of TRYT (9164 JP) wanted to cash out. Performance post-IPO had been bad. Catching up to the IPO price would be tough.
• But a second round of bidding came about, so the stock went limit up. Then it settled in the ¥480 range for three weeks. Then started to climb. 
• Now the company and its PE firm owner have announced a sale to a new PE Firm at ¥880/share. This is below IPO Price but it will get done.

• The Hanwha Group has received approval from the US’ CFIUS to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU).
• Hanwha currently holds 9.9% and a further 9.9% via a cash settled total return swap. Apparently Hanwha had initially filed with CFIUS to approve a 19.9% stake acquisition.
• Hanwha has also applied to FIRB to lift its position to 19.9%.  It’s unlikely the local regulator would block Hanwha subsequent to CFIUS’ nod. Note: Austal “disputes” CFIUS’ approval.

• Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
• Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.
• Virgin Australia Holdings (VGN AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.

• TRYT (9164 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY880, a 34.6% premium to last close and a 135.3% premium to the undisturbed price.
• Despite 26.7% below the IPO price, the offer is attractive compared to peer multiples and is above the mid-point of the IFA DCF valuation range.
• The chance of a competing proposal is low, as Carlyle’s offer was the highest in the auction. EQT has provided an irrevocable (60.00% ownership ratio), which ensures a done deal.  

• In this insight, we discuss the preferred shares of five major holding companies and how the share price gap relative to their common counterparts could decrease. 
• There is a relatively easy way to improve shareholder value of these holding companies which is to cancel the entire preferred shares that trade at discount to their common counterparts.
• The common shares of these five companies have experienced an average share price appreciation of 33.2% YTD versus 28.7% appreciation for their preferred shares counterparts.

PORR Group is domiciled in Austria with a business focused on solid-margin, niche markets such as data centres, infrastructure and specialist applications. Geographically, it targets markets with strong contractor protections, reliable customers and local resources that enable it to complete projects on time and to the highest standards. Over the past 20 years, PORR has delivered a stable EBIT margin of 2.0–3.3% in all but four years and a top-line CAGR of 7.2%.

• In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a potential trigger for D+3?
• • Dutch politics | VVD rules our new collaboration with Geert Wilders’ Freedom Party (PVV)

• High-Conviction setup: Advent’s £37.63/share proposal offers an 85% premium; Spectris’ board is supportive, PUSU deadline is July 7 under UK Takeover Code.
• Attractive arbitrage: current spread offers ~17.5% gross upside; limited antitrust concerns and supportive FX backdrop enhance deal certainty. Interloper risk is modest but non-zero.
• Valuation re-rating: offer implies 14.1x EV/NTM EBITDA vs. 10.1x peer median, justified by control premium, margin uplift potential, and depressed pre-deal valuation (~6.1x).

Chemring’s H125 results showcase solid momentum in a transformed defence landscape, with order intake surging 42% to £488m and the order book reaching a record £1.3bn. Revenue grew 5% y-o-y to £234.3m, while the underlying operating margin improved modestly to 11.6%. Order book strength provides 85% visibility for FY25 revenue. With EU defence spending set to rise by more than €100bn by 2027 and the UK targeting 2.5% of GDP, Chemring’s positioning in niche market areas including energetics and electronic warfare creates a potentially solid investment case for the multi-decade rearmament cycle.

• In early February, articles suggesting the PE owner of TRYT (9164 JP) wanted to cash out. Performance post-IPO had been bad. Catching up to the IPO price would be tough.
• But a second round of bidding came about, so the stock went limit up. Then it settled in the ¥480 range for three weeks. Then started to climb. 
• Now the company and its PE firm owner have announced a sale to a new PE Firm at ¥880/share. This is below IPO Price but it will get done.

• The Hanwha Group has received approval from the US’ CFIUS to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU).
• Hanwha currently holds 9.9% and a further 9.9% via a cash settled total return swap. Apparently Hanwha had initially filed with CFIUS to approve a 19.9% stake acquisition.
• Hanwha has also applied to FIRB to lift its position to 19.9%.  It’s unlikely the local regulator would block Hanwha subsequent to CFIUS’ nod. Note: Austal “disputes” CFIUS’ approval.

• Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
• Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.
• Virgin Australia Holdings (VGN AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.

• TRYT (9164 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY880, a 34.6% premium to last close and a 135.3% premium to the undisturbed price.
• Despite 26.7% below the IPO price, the offer is attractive compared to peer multiples and is above the mid-point of the IFA DCF valuation range.
• The chance of a competing proposal is low, as Carlyle’s offer was the highest in the auction. EQT has provided an irrevocable (60.00% ownership ratio), which ensures a done deal.  

• In this insight, we discuss the preferred shares of five major holding companies and how the share price gap relative to their common counterparts could decrease. 
• There is a relatively easy way to improve shareholder value of these holding companies which is to cancel the entire preferred shares that trade at discount to their common counterparts.
• The common shares of these five companies have experienced an average share price appreciation of 33.2% YTD versus 28.7% appreciation for their preferred shares counterparts.

PORR Group is domiciled in Austria with a business focused on solid-margin, niche markets such as data centres, infrastructure and specialist applications. Geographically, it targets markets with strong contractor protections, reliable customers and local resources that enable it to complete projects on time and to the highest standards. Over the past 20 years, PORR has delivered a stable EBIT margin of 2.0–3.3% in all but four years and a top-line CAGR of 7.2%.

• In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a potential trigger for D+3?
• • Dutch politics | VVD rules our new collaboration with Geert Wilders’ Freedom Party (PVV)

• High-Conviction setup: Advent’s £37.63/share proposal offers an 85% premium; Spectris’ board is supportive, PUSU deadline is July 7 under UK Takeover Code.
• Attractive arbitrage: current spread offers ~17.5% gross upside; limited antitrust concerns and supportive FX backdrop enhance deal certainty. Interloper risk is modest but non-zero.
• Valuation re-rating: offer implies 14.1x EV/NTM EBITDA vs. 10.1x peer median, justified by control premium, margin uplift potential, and depressed pre-deal valuation (~6.1x).

Chemring’s H125 results showcase solid momentum in a transformed defence landscape, with order intake surging 42% to £488m and the order book reaching a record £1.3bn. Revenue grew 5% y-o-y to £234.3m, while the underlying operating margin improved modestly to 11.6%. Order book strength provides 85% visibility for FY25 revenue. With EU defence spending set to rise by more than €100bn by 2027 and the UK targeting 2.5% of GDP, Chemring’s positioning in niche market areas including energetics and electronic warfare creates a potentially solid investment case for the multi-decade rearmament cycle.

• There is 1 change for the S&P/ASX20 Index, 1 change for the S&P/ASX50 Index, 2 changes for the S&P/ASX100 Index and 2 changes for the S&P/ASX 200 (AS51 INDEX).
• There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
• We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.

• On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
• That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month. 
• The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

• Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
• ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
• We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.

• We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
• These holding companies’ outperformance has been driven by investors’ perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value. 
• The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD. 

• The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
• The transaction has anchor orders from established funds and a $20 million directed share program. 
• At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.

Electro Optic Systems (EOS) is a specialist defence business focused on remote weapons systems (RWS) and counter drone systems. The group is set to benefit from increased defence spend globally along with the rapid emergence of drone warfare and the subsequent requirement for asset protection systems. A strong balance sheet and restructured cost base provide a solid platform through which these opportunities can be leveraged.

Electro Optic Systems (EOS) is a specialist defence business focused on remote weapons systems (RWS) and counter drone systems. The group is set to benefit from increased defence spend globally along with the rapid emergence of drone warfare and the subsequent requirement for asset protection systems. A strong balance sheet and restructured cost base provide a solid platform through which these opportunities can be leveraged.

discoverIE’s FY25 results highlighted its ability to grow profits and earnings despite pressure on revenue. The adjusted operating margin increased 1.2pp to 14.3%, well ahead of the original 13.5% target for FY25, and adjusted EPS grew 5% y-o-y. This has prompted management to raise its adjusted operating margin target to 17% by FY30. The customer destocking phase appears to be nearly complete; both divisions saw 15% y-o-y organic order growth in Q425, pointing to an inflection point for organic revenue in FY26. Strong cash generation reduced year-end gearing to 1.3x, providing headroom for further M&A.

• The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.
• SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.
• Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

• RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.
• The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.
• Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.

• There is 1 change for the S&P/ASX20 Index, 1 change for the S&P/ASX50 Index, 2 changes for the S&P/ASX100 Index and 2 changes for the S&P/ASX 200 (AS51 INDEX).
• There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
• We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.

• On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
• That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month. 
• The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

• Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
• ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
• We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.

• We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
• These holding companies’ outperformance has been driven by investors’ perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value. 
• The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD. 

• The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
• The transaction has anchor orders from established funds and a $20 million directed share program. 
• At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.

Electro Optic Systems (EOS) is a specialist defence business focused on remote weapons systems (RWS) and counter drone systems. The group is set to benefit from increased defence spend globally along with the rapid emergence of drone warfare and the subsequent requirement for asset protection systems. A strong balance sheet and restructured cost base provide a solid platform through which these opportunities can be leveraged.

Electro Optic Systems (EOS) is a specialist defence business focused on remote weapons systems (RWS) and counter drone systems. The group is set to benefit from increased defence spend globally along with the rapid emergence of drone warfare and the subsequent requirement for asset protection systems. A strong balance sheet and restructured cost base provide a solid platform through which these opportunities can be leveraged.

discoverIE’s FY25 results highlighted its ability to grow profits and earnings despite pressure on revenue. The adjusted operating margin increased 1.2pp to 14.3%, well ahead of the original 13.5% target for FY25, and adjusted EPS grew 5% y-o-y. This has prompted management to raise its adjusted operating margin target to 17% by FY30. The customer destocking phase appears to be nearly complete; both divisions saw 15% y-o-y organic order growth in Q425, pointing to an inflection point for organic revenue in FY26. Strong cash generation reduced year-end gearing to 1.3x, providing headroom for further M&A.

• The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.
• SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.
• Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

• RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.
• The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.
• Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.

• There are 5 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation starting on 20 June and ending on 26 June.
• Estimated one-way turnover is 17.7% resulting in a round-trip trade of TWD 158bn (US$5.3bn). There are 10 stocks with over 5 days of ADV to trade.
• There are a few stocks that have same-way or opposing flows from other index trackers over the next couple of weeks and those stocks could outperform/underperform their peers.

• There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
• Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
• The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.

• Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.     
• Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
• The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang). 

• Berli Jucker (BJC TB) remains one of the most interesting consumer plays in Thailand through Big C, glass and aluminium cans, and its consumer supply chain segment. 
• The company booked a strong start to 2025 across all segments from a profit growth perspective, with package sales being impacted by lower raw material prices, but that improved margins.
• 2Q has seen a slower start due to poor weather, slower tourism, partly due to the earthquake, but May has seen a turnaround, and management is confident in annual guidance

• BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.
• With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.
• At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.

• Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.
• Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.
• ₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
• On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.

• Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.

• Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.

• Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

• There are 5 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation starting on 20 June and ending on 26 June.
• Estimated one-way turnover is 17.7% resulting in a round-trip trade of TWD 158bn (US$5.3bn). There are 10 stocks with over 5 days of ADV to trade.
• There are a few stocks that have same-way or opposing flows from other index trackers over the next couple of weeks and those stocks could outperform/underperform their peers.

• There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
• Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
• The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.

• Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.     
• Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
• The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang). 

• Berli Jucker (BJC TB) remains one of the most interesting consumer plays in Thailand through Big C, glass and aluminium cans, and its consumer supply chain segment. 
• The company booked a strong start to 2025 across all segments from a profit growth perspective, with package sales being impacted by lower raw material prices, but that improved margins.
• 2Q has seen a slower start due to poor weather, slower tourism, partly due to the earthquake, but May has seen a turnaround, and management is confident in annual guidance

• BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.
• With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.
• At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.

• Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.
• Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.
• ₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
• On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.

• Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.

• Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.

• Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

• FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).
• Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.
• While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.

• Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
• This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network.
• With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.

• Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)  is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
• CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. 
• As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.

• FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).
• Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.
• While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.

• Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
• This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network.
• With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.

• Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)  is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
• CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. 
• As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.